Understanding Lead Generation Benchmarks and Trends" loading="lazy">
In the business world, understanding what works and what doesn’t is probably what separates a good year from a really bad one. After being able to distinguish the two, any business owner worth their salt must have the resolve to drop everything that no longer serves the company and implement what still does.
This is true not just with strategies but as well as with methods, concepts, and even with traditions. Growing a business requires consistent adaptation to change.
In a study conducted by HubSpot in partnership with Qualtrics, involving over 900 marketers from various industries in Europe and North America, certain statistics were derived that could shed light into what currently works and what doesn’t in the business world.
For example, did you know that 74% of companies that weren’t exceeding revenue goals had no insight whatsoever into their visitors, leads, MQL, or sales opportunities numbers? Or that more than 70% of companies who are not meeting their revenue goals generate less than 100 leads per month and only about 5% generate more than 2,500 leads per month?
A quick glance into these data shows us that the quantity of leads a company gets to generate each month is directly proportional to their revenue or overall success. The higher the number of leads, the bigger the revenue and the greater the overall success.
It is a well-established fact that lead generation is a vital aspect of conducting business, but the data at hand further affirms that.
In this article, we will discuss lead generation benchmarks and trends that can shape the world of business in this era.
Ready? Let’s dive in!
What are Lead Generation Benchmarks?
Lead Generation is defined as the process of attracting customers to a company, to a particular product, or to a certain brand, and eventually converting them into actual customers. A benchmark, meanwhile, is defined as a standard by which all others are measured.
Put those two terms together and you get to answer the question– what are lead generation benchmarks?
Based on the aggregate definition, Lead Generation Benchmarks pertain to the standards by which a company’s success in their lead generation processes is measured. We all know that leads fuel the funnels that make the entire flywheel rotate, as per the Flywheel Model within the Inbound Methodology. This places great importance on leads.
Good leads translate to sales, sales equal to revenue, and gaining revenue is key to sustaining and growing your business.
Granted, you get traffic on your websites and you’re generating leads. Still, you wonder what’s the amount of leads you should really be getting to determine if you’re doing well, especially when compared to the competition? With so many industries, and countless number of companies all over the world, how do you gauge your performance?
What benchmarks must one utilize to find out if they’re doing alright or if there’s a need to step on the gas a little bit more? And in the given context, what lead generation benchmarks will work best for your business?
Let’s find out!
The Best Lead Generation Benchmarks for Business
Over the years a lot of lead generation benchmarks have been set. As times change, these benchmarks change, too. But what are the lead generation benchmarks that are largely observed by most marketers and most companies?
Let’s take it piece by piece.
When it comes to marketing benchmarks, you can use Competitor Comparison or Industry Comparison for benchmarking.
If you’re conducting lead generation benchmarking using competitors for comparison, keep in mind that there are a lot of variables at play such as setting your Key Performance Indicators, defining your competitors, identifying the gap between you and your competition, streamlining of spending and amplifying returns, and last– utilizing third-party tools like google analytic, SEMrush, Twitter analytics, among others.
On the other hand when you are conducting lead generation benchmarking using various industries for comparison, it is imperative that you analyze the average KPI of the industry, design a substantial report (remember as well that an industry benchmarking report must be accompanied by an industry survey), and target goals based on benchmark results.
Newest Lead Generation Trends for 2022
Belkins, a lead generation services website named the top lead generation trends for the year 2022 and these include email marketing, video marketing, influencer marketing, content marketing, and social media marketing, among others.
Meanwhile, Finances Online, a website for reviews for business, forecasted the lead generation trends for both 2022 and 2023 and it is interesting that the very same things they have forecasted for both years are the exact same trends observed this year.
While some would attribute the radical shift to digital lead generations to the pandemic, there is really no telling if lead generation would still shift back after the pandemic has passed, which makes it more logical to jump into the latest trends because, as the times would tell us, they are what currently works and derive the best results.
Final Take: Why Consider Lead Generation Benchmarks?
Why consider lead generation benchmarks? Seems like a really interesting question, right? Let us answer that for you.
When Michael Phelps, dubbed as the most successful competitive swimmer of his generation, lost to Joseph Schooling in 2016, there were pictures captured showing him and Schooling, in the middle of a competition– Schooling was focused and was looking in front of him while Phelps was captured taking a glance at the swimmer next to him. Many said that Phelps lost because, as shown in the picture where he was stealing a glance at his competitor during a really crucial moment in the competition, he was too focused on the competitor and not in the game.
Hallmarky passages then emerged in various social media pages saying that to win in life, one must not be focused on competitors but rather in the game. That line of thinking sure sounds so wise, but it couldn’t be more incorrect when applied in the context of marketing. To get ahead, you need to know where you and your competitors stand. You need to know how much work you must put in. Why consider lead generation benchmarks?
This is why: You are not in the business to lose, you want to win. And there are ways to win. And often, you must start by studying your industry, and studying your competition.
Hitting targets you’ve set for your company is doable with a little bit of help. Download our eBook today and learn how to grow your business like a winner!
